THERE will be no change at a specialist coatings company when its Darwen factory goes under the hammer for £2.5million, according to the boss.
Speciality Coatings’ 83,365 sq ft warehouse and production facility in Southend and Moorside Mill, Dewhurst Street, is listed in a forthcoming London property auction.
The facility is let to the business, which makes PVC coatings for the wallcovering industry, for 15 years from December 2005 at a rent of £225,000 per year. The company employs 50 people.
Managing director Paul Phillips said: “We sold the factory four or five years ago and rent it back from them. All that’s happening is that the freehold is being sold.
“There will be no changes here apart from who we pay the rent to.”
The auction is being held by Cannon Capital at Claridge’s Hotel in Mayfair London at 2.30 pm on Thursday, July 1.
William Wynn-Williams, head of national investment at Cannon Capital, said: “This is a good solid performing industrial investment which has already attracted a lot of interest.”
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